Interesting

This holiday, the enthusiasm in the crypto world far exceeded expectations. Several Meme coins within a major exchange ecosystem saw their market caps multiply dozens of times in just a few days------these tokens that sound like jokes have allowed some early participants to easily realize gains of over a million dollars on paper. Cheers from KOLs on social media are heard one after another, as if everyone has discovered a new continent of finance. The celebration was very short-lived. In the following days, these coins began to plunge wildly, with some projects dropping up to 95% in a single day. Data shows that over 100,000 traders faced liquidation, with total losses reaching $621 million. The dream of getting rich overnight turned into a blood-stained bill in the blink of an eye. I have seen this kind of drama in multiple financial centers around the world. Remember the GameStop incident in 2021? Retail investors on Reddit teamed up to push the stock price of a near-bankrupt company up by a thousand times, causing short-selling institutions to lose everything. That event was called a "milestone in behavioral finance." Although the prices were absurd, as long as the trading was genuine and information was sufficient, it was considered part of "the market." The underlying logic of international finance is: let bubbles form because bubbles themselves are catalysts for market evolution. If this Meme coin frenzy had happened on traditional exchanges, the story would be completely different. New financial products would emerge (such as index products quantifying social media hype into investment factors), financial media would extensively discuss "a new stage of retail capitalism," regulators would initiate research on "social media market manipulation," and ultimately, the conclusion might be: this is not fraud, but a collective financial response formed by group sentiment through algorithms and social networks. The uniqueness of the crypto market lies in its dual characteristics: the information dissemination mechanism of international markets (fast, widespread, emotion-driven) and the participatory psychology of grassroots communities (resonance, organization, collective decision-making). The result is a unique ecosystem: trading platforms are no longer neutral matchmakers but become "narrative promoters"; opinion leaders are no longer bystanders but become price amplifiers; retail investors, in the cycle of algorithms and consensus, both indulge and exhaust themselves. The most fundamental change occurs in the price-setting mechanism. In traditional finance, prices are determined by cash flows; in the crypto market, prices are determined by the speed of narrative and the density of consensus. We are witnessing the birth of "emotion capital"—a new form of capital without financial statements, only cultural symbols; without fundamentals, only expectation curves; not pursuing rational returns, only seeking emotional release. Numbers do not lie. In the first nine months of 2025, 90% of top Meme coins' market caps have already collapsed; in the second quarter, 65% of new tokens lost over 90% of their value within six months. This is very much like a gold rush in the digital age—most prospectors lose everything, only those selling tools make a profit. But this is precisely where the core issue lies: when currencies start telling stories, the underlying logic of global finance is being rewritten. In traditional markets, prices reflect value; in crypto markets, prices create value. This is both the ultimate expression of decentralization and a dangerous boundary of abdication of responsibility. When narratives replace cash flows, and emotions become assets, every participant becomes a guinea pig in this experiment. The Web3 industry now stands at a crossroads: continue indulging in short-term "emotional frenzy," or start building a "value-driven long-term ecosystem"? The real solution is quite clear: strengthen community governance mechanisms, introduce more transparent framework designs, and establish effective investor education. Only in this way can decentralized technology truly promote the democratization of global finance, rather than becoming a tool for harvesting retail investors. Next time a big influencer is wildly promoting "hundredfold coins," ask yourself: am I participating in a financial innovation, or am I paying for someone else's wealth freedom? When currencies learn to tell stories, your most scarce ability is not chasing FOMO, but maintaining the discipline of calm thinking.